Boiler Market Size - By Fuel (Natural Gas, Oil, Coal, Electric), By Capacity (≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, > 250 MMBtu/hr), By Application (Residential, Commercial, Industrial) & Forecast, 2024 - 2032

Boiler Market Size - By Fuel (Natural Gas, Oil, Coal, Electric), By Capacity (≤ 10 MMBtu/hr, > 10 - 50 MMBtu/hr, > 50 - 100 MMBtu/hr, > 100 - 250 MMBtu/hr, > 250 MMBtu/hr), By Application (Residential, Commercial, Industrial) & Forecast, 2024 - 2032

Boiler Market Size

Boiler Market was valued at USD 92.4 billion in 2023 and is projected to expand at more than 7.6% CAGR from 2024 to 2032, owing to the introduction of strict regulations to mitigate carbon footprint., owing to the introduction of strict regulations to mitigate carbon footprint.

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Boilers and associated systems are considered efficient heat exchange systems that generate steam and hot water for power generation, heating, and other applications. In recent years, stringent regulations are being introduced due to the escalating greenhouse gas emission. According to data from the UN Environment Program, in 2021, the energy-related carbon dioxide emissions from the building and construction sector rose by 5% over 2020. Such factors will encourage consumers to make a shift toward carbon-neutral technologies, including natural gas-fired boilers, for heating applications.

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With the growing awareness of clean energy, consumers are also emphasizing the replacement of traditional heating systems with more efficient units. Strict policies from government authorities have also influenced end users to mitigate their carbon footprint from industrial and commercial establishments, thereby boosting the construction of green buildings. In addition, the high requirement for space heating will generate lucrative opportunities for the business growth. Nevertheless, the high initial investment costs may limit the installation of these units to some extent.

Boiler Market Analysis

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Boiler market value from the > 50 - 100 MMBtu/hr capacity segment is anticipated to reach approximately USD 10 billion by 2032, considering the growing implementation of tax incentives to boost the deployment of energy-efficient heating technologies. Government organizations and private entities have also been targeting to develop and expand industrial and commercial buildings. These factors will further stimulate the production of boilers with > 50 - 100 MMBtu/hr capacity to ensure less fuel consumption and offer high energy. Global residential boiler industry is poised to cross USD 139.8 billion by 2032.

Boiler market from the natural gas fuel segment is slated to depict over 7.5% growth rate through 2032, on account of the introduction of stringent government norms to curb emissions. The installation of gas boilers is also considered an economical means for residential heating, with lesser environmental impact. Supply disruptions and rapid increase in prices following Russia’s invasion of Ukraine, however, has resulted in the downward revision of natural gas prospects in energy transitions. These factors may hinder the development of natural gas-fired boilers to some extent.

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Industrial boiler market value surpassed around USD 10 billion in 2022. This growth is attributed to the rapid industrialization and increased investment in manufacturing facilities for automotive and other industries. Citing an instance, in January 2023, General Motors unveiled plans to invest USD 918 million in 4 manufacturing sites in the U.S. to support EV production. Furthermore, the rising emphasis on the expansion of industrial buildings will amplify the usage of steam boilers in automobile production and other industrial applications.

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Asia Pacific held over 30% share of the global boiler market in 2022, impelled by the rising focus on production facility expansion and the steady growth of the manufacturing sector. For example, in August 2022, Japan-based factories boosted output as manufacturing showed resilience amid high material and energy costs and a global economic slowdown. These factors, alongside rapid urbanization and the subsequent rise in construction projects, are likely to assert a positive influence on regional market trends over the forecast period. North America residential boiler industry is likely to cross USD 3.6 billion by 2032.

Boiler Market Share

The competitive landscape of the boiler market comprises companies such as

• Weil-McLain
• Victory Energy Operations
• Victory Energy Operations
• Thermal Solutions
• The Fulton Companies
• Slant/Fin Corporation
• Mitsubishi Heavy Industries
• John Cockerill
• General Electric
• Clayton Industries
• Bradford White Corporation
• Bosch Industriekessel
• Babcock & Wilcox Enterprises
• Atlantic Boilers
• Atlantic
• Ariston Holding
• AERCO
• ACV
• A. O. Smith

These firms are focusing on expanding product reach and entering merger and acquisition deals to reinforce their market presence.

For instance, in January 2023, Clayton Industries supported the Midwest corrugation plan with the installation of 600 hp E series commercial boilers of 150 to 2,000 horsepower. This boiler developed with custom steam solutions was introduced with features including fired steam generators, containerizing, skid mounting, and fully modulated automatic controls. This strategy is anticipated to enable the company to accelerate its presence in the industry.

Impact of the COVID-19 pandemic

The COVID-19 outbreak has presented significant challenges for global supply chains over the past few years. Even in recent months, certain movement restrictions have slowed or temporarily halted the flow of finished goods and raw materials, thereby disrupting the operations of the manufacturing sector. These setbacks may have asserted a negative influence on the installation of industrial boiler heaters worldwide. However, the gradual ease in restrictions and a healthy economic recovery are expected to create growth opportunities for the industry over the forthcoming years.

The boiler market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments

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Market Insights, By Fuel

• Natural Gas
• Oil
• Coal
• Electric
• Others

Market Insights, By Capacity

• ≤ 10 MMBtu/hr
• > 10 - 50 MMBtu/hr
• > 50 - 100 MMBtu/hr
• > 100 - 250 MMBtu/hr
• > 250 MMBtu/hr

Market Insights, By Application

• Residential
• Commercial
  • Offices
  • Healthcare Facilities
  • Educational Institutions
  • Lodgings
  • Retail Stores
  • Others
• Industrial
  • Food Processing
  • Pulp & Paper
  • Chemical
  • Refinery
  • Primary Metal
  • Others

The above information has been provided for the following regions and country

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Poland
  • Italy
  • Spain
  • Austria
  • Germany
  • Sweden
  • Russia
• Asia Pacific
  • China
  • India
  • Philippines
  • Japan
  • South Korea
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • Iran
  • UAE
  • Nigeria
  • South Africa
• Latin America
  • Argentina
  • Chile
  • Brazil

Frequently Asked Questions (FAQ)

What is the forecast for the boiler market?

The market size of boiler crossed USD 92.4 billion in 2023 and is projected to register over 7.6% gains through 2032, owing to the introduction of strict regulations to mitigate carbon footprint.

Why is the demand for natural gas boilers growing?

The natural gas segment is slated to depict over 7.5% CAGR between 2023 and 2032, on account of the implementation of stringent government norms to curb emissions.

How large is the Asia Pacific boiler industry?

APAC held over 30% of the revenue share in 2022, due to the rising focus on production facility expansion and the positive outlook for the manufacturing sector.

Which companies manufacture boilers?

Key players in the global industry include Weil-McLain, Thermal Solutions, Mitsubishi Heavy Industries, John Cockerill, General Electric, Clayton Industries, Bradford White Corporation, Atlantic, Ariston Holding, AERCO, ACV, and A. O. Smith, among others.